Equitas Finance raises Rs100 Crs NCD from Franklin Templeton Mutual Fund

About the NCD Issue

  • To augment the long term resources and to diversify the funding sources, Equitas Finance Private Limited has issued Non-Convertible Debentures (NCDs) aggregating to Rs.100 Crores.
  • Franklin Templeton Mutual Fund has subscribed to the said NCDs on a Private Placement basis.
  • This is one of the biggest NCD placement by the company since inception in 2011
  • S Bhaskar , Group Chief Financial officer said,  “Equitas has developed expertise in lending to the largely excluded segments such as used Commercial Vehicles being bought by driver turning owner and also Micro SME for the very small and largely informal entrepreneurs . The trust & support reposed by the marquee institutional investors like Franklin Templeton would go a long way in achieving our growth plans.”
  • Dr. Kshama Fernandes, CEO, IFMR Capital, sole arranger for this issue said, “Franklin Templeton’s investment in the NCDs issued by Equitas Finance  is a great reinforcement of the potential of the sector and the company. Transactions of this nature will help Equitas and IFMR Capital progress surely and steadily on the path of providing efficient access to finance to a wider base of borrowers across the country.”

 About the Company:

  • NBFC arm of Equitas Group, Equitas Finance Private Limited carries on the used commercial vehicle finance business, loans against property and loans to micro, small enterprises. As on 31st January 2015, EFPL’S   Net-worth is Rs.616 Crores, with comfortable Capital adequacy of 38.74%. As on that date, EFPL’S  gross loan portfolio is  Rs.1,538 Crores spread across 134 branches in 11 states and 1 union territory.
  • Considering the performance of the company, rating agency, India Ratings has assigned credit rating of IND A- with Stable outlook for the borrowings of the Company in April 2014. Recently, in November 2014, rating agency, CARE has upgraded the ratings of the Company from CARE BBB+ to CARE A-.
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